IBM's commitment to blockchain innovation is evident. Based on recent findings, the company has deployed 1500 professionals to delve deep into blockchain advancements. recent article published by CNNTech, Big Blue boasts a roster of 1500 staff engaged in an array of over 500 blockchain-focused initiatives across different regions. Unlike numerous newcomers to the blockchain sector, IBM has a storied history of developing blockchain-based solutions.
IBM at theMunich's Highlight Towers: A Vibrant Tech Hub WSJ
Wth an impressive number of projects underway, IBM is expanding blockchain solutions across many applications. The most promising fields, as seen by IBM, include finance, healthcare, and logistics. Although it has a robust innovation record, IBM has sometimes faced hurdles when turning new technologies into commercial triumphs.
Josh Olson, an analyst with Edward Jones, provided insights to CNN about the hurdles IBM encounters within the technology landscape.
He remarked, “Historically, we've observed IBM's early investment in tech ideas that show initial promise; yet, they've often stumbled in scaling these innovations to commercial success.”
Olson also cited the challenges IBM faced with its Watson supercomputer as an example of not fully capitalizing on innovation. However, IBM believes blockchain has a smoother path to becoming commercially viable.
IBM is Selling Blockchain Today
Creating groundbreaking technologies is just one facet of the task; convincing clients to switch to these platforms is another. Recently, IBM declared that its blockchain-powered TradeLens logistics platform has secured over 90 clients and is recording over a million daily transactions to its ledger.
IBM elaborated on how TradeLens facilitates businesses in replacing outdated systems that hinder operational efficiency. via a press release,
“Over a 12-month trial, Maersk and IBM collaborated with several ecosystem partners to spot and prevent delays due to errors in documentation, data transfers, and other blockers. For example, TradeLens reduced the shipment time for packaging materials to an American production line by 40%, saving several thousand dollars in costs.”
In contrast to Watson, TradeLens doesn't face challenges in drawing in commercial clients. As indicated in their announcement,
major entities such as PSA Singapore, International Container Terminal Services Inc, and Modern Terminals in Hong Kong have joined a cohort of more than 230 logistics gateways incorporating TradeLens into daily operations.
Despite skepticism from veteran investors suggesting blockchain is a temporary trend, IBM illustrates that the technology's significance endures. While not every IBM blockchain initiative has witnessed swift success like TradeLens, some may require more time to cultivate.
Blockchain is Useful Right Now
Bridget van Kralingen, Senior VP of IBM's industry platforms group, highlighted the stark contrast between Watson and blockchain.
“Watson's potential uses are intricate and complex,” she told CNN. “Conversely, blockchain boils down to a process flow. We learned implementing new tech is greatly influenced by user-friendliness.”
The ease of use is where blockchain distinguishes itself from cumbersome and decentralized paper systems, facilitating secure, authorized access to stored data. It not only optimizes inefficiencies but also offers the opportunity to monetize previously unsellable information.
Another IBM blockchain initiative seeks to empower individuals with more control over their data. Collaborating with
Empowering Individuals
the #My31 app creator, available on both iOS and Android, the initiative champions individuals' rights to their data. It proposes recognizing data rights as an additional, 31st human right. “self-sovereign identity” Securing Personal Identities via Blockchain Hu-manity.co The #My31 app aims to enable individuals to claim, manage, and profit from their personal data. Instead of data being automatically transferred by companies for resale, IBM aims to give individuals authority over who has access to their data trails.
Nicholas Say, a native of Ann Arbor, Michigan, has traveled widely, including an extended stay in Uruguay, and currently resides in the Far East. His writings are widely available online, with a focus on pragmatic development and forward-thinking technology.
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